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Inditex sales slide amid coronavirus

Store and online sales in local currencies across Zara-owner Inditex decreased by 4.9% between 1 February and 16 March 2020, amid the Covid-19 coronavirus outbreak.

As of 17 March, the group had temporarily closed 3,785 stores in 39 markets.

It comes as the business announced profits had increased by 6% across Inditex for the 2019 financial year.

Net sales at Inditex grew by 8% to €28.29bn (£25.40bn) for the period, with like-for-like sales up 6.5%.

In its results statement, the business recognised the spread of Covid-19coronavirus and highlighted it had an inventory provision of €287m (£257.8m).

It said net profit would have increased by 12% without the provision, to €3.86bn (£3.47bn), rather than the 6% increase to €3.64bn (£3.27bn).

Executive chairman, Pablo Isla, said: “In these difficult times all around the world, I would like, first and foremost, to express our solidarity with all those currently affected by the Covid-19 coronavirus.

“Inditex is demonstrating through these results the solidity of its business model and its balance sheet, results which demonstrate the hard work and dedication of all of the professionals who are part of this company, from the factory and logistics teams to the store and corporate staff, from our designers to our sales professionals.”

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